Cardiology Devices - Lesotho | Statista Market Forecast

in Lesotho, a country in southern Africa, is projected to witness significant growth in its Cardiology Devices market market.
By 2024, the revenue in this market is expected to reach US$2.56m in Lesotho currency units.
Furthermore, it is anticipated that this market will demonstrate a steady annual growth rate of 8.01% from 2024 to 2029.
As a result, the market volume is projected to increase to US$3.76m in Lesotho currency units by 2029.
In a global context, it is worth noting that the United States is expected to generate the highest revenue in the Cardiology Devices market market.
In 2024 alone, the revenue the United States is projected to reach a staggering US$25.77bn.
Lesotho's cardiology device market is witnessing a surge in demand due to an increasing prevalence of cardiovascular diseases in the country.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Lesotho is experiencing steady growth due to increasing customer preferences for advanced medical devices and the rising prevalence of cardiovascular diseases.

Customer preferences: Customers in Lesotho are increasingly demanding advanced cardiology devices that offer accurate diagnosis and effective treatment options. They prefer devices that are technologically advanced, portable, and easy to use. Additionally, there is a growing preference for minimally invasive procedures, which has led to an increased demand for catheters and stents.

Trends in the market: One of the key trends in the Cardiology Devices market in Lesotho is the adoption of telemedicine. This trend has gained traction due to the limited availability of specialized healthcare facilities in remote areas of the country. Telemedicine allows patients to consult with cardiologists remotely, reducing the need for travel and improving access to specialized care. This has led to an increased demand for remote monitoring devices and telecardiology services. Another trend in the market is the increasing focus on preventive cardiology. Healthcare providers in Lesotho are emphasizing the importance of early detection and prevention of cardiovascular diseases. This has resulted in a growing demand for diagnostic devices such as ECG machines, stress test systems, and Holter monitors. Additionally, there is a rising interest in lifestyle modification programs and cardiac rehabilitation services.

Local special circumstances: Lesotho faces unique challenges in the Cardiology Devices market due to its geographical location and limited healthcare infrastructure. The country is landlocked, which makes it difficult to import medical devices and equipment. This has led to a reliance on neighboring countries for the supply of cardiology devices. Additionally, the limited number of specialized healthcare facilities in Lesotho has resulted in a lack of trained healthcare professionals, which further affects the adoption of advanced cardiology devices.

Underlying macroeconomic factors: The growth of the Cardiology Devices market in Lesotho is also influenced by underlying macroeconomic factors. The country has been experiencing economic growth, which has led to an increase in disposable income and improved healthcare expenditure. This has positively impacted the affordability and accessibility of cardiology devices for the population. Additionally, the government of Lesotho has been investing in the improvement of healthcare infrastructure, which has further supported the growth of the market. In conclusion, the Cardiology Devices market in Lesotho is witnessing steady growth due to increasing customer preferences for advanced medical devices, the adoption of telemedicine, and the focus on preventive cardiology. However, the market is also affected by local special circumstances such as limited healthcare infrastructure and reliance on neighboring countries for the supply of devices. The underlying macroeconomic factors, including economic growth and government investments in healthcare, have also contributed to the growth of the market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.